It sounds like your toner has ran out, so you cant print any more faxes out, the memory saving the unprinted faxes has filled up and cant save any more messages.
Replace the toner and let the machine print out the saved faxes. You should then be back to normal

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Generally the "received in memory" message is a result of the machines inability to print. I.E. It received a fax, attempted to print it, failed, and then stored it in memory to print once the issue has been corrected.

The Prepare Black Toner error is likely directly related. If the toner cartridge is empty, inserted incorrectly, or damaged it could be causing this error. Try reseating the cartridge by removing and reinserting. If that doesn't clear the error try replacing it with a new Canon branded cartridge.

As soon as you correct the printing issue the stored faxes will print.

There can be a few things wrong lets take it step by step
1)Receive mode,your receive mode must be set correctly.If you don't have a tel connected to it, you cant use it as a Manual receive mode,it must be set on Fax only.If there is a telephone connected to it and it is set on manual mode make sure your Incomming ring is set to ON,you will find it under additional functions,RX settings,Incomming ring.

2)Make sure you have enough memory to receive a Fax.Go additional function,dataregistration,TX settings,Erase failed TX,set it to on.

3)Make sure there is enough toner and paper for the machine.

4)Tone or Pulse Dialing,depents in witch country you are make sure it is set correctly Tone or Pulse.You will find it under user settings.

5)There can be a problem at the you local exchange,you can send faxes but the exchange can be faulty and you would be able to receive faxes.

6)And then there can be a problem with you fax machine' NCU PCB board,there is to gas arresters one for send and the other for receive.If one of them are faulty you will have to replace the NCU.The gas arresters is not available as a part.

I have a feeling that it is a re-manufactured or compatible cartridge?? There
is a fuse that needs to be replaced on this unit. it blows when the
cartridge is installed to reset the machine. If the fuse has not been
replaced or is defective the machine will not recognize the new unit.

You need to use the [MENU], [< >] and [ENTER] keys to browse through the unit's menu. Find and enter the "System Setup" menu and then search for the "Ignore Toner" option. Press [ENTER] and change the setting to "ON". Press [ENTER to confirm, the, [STOP/CLEAR] to get out of the menu system. The unit should start printing all faxes in memory.